In a statement, Quinn said such downgrades will continue to happen until lawmakers pass a pension reform bill. He said he plans to meet with Illinois House Speaker Michael Madigan and Senate President John Cullerton on Tuesday.

"It is disgraceful that this year’s legislative session ended without a new pension plan on the books," said Illinois Treasurer Dan Rutherford. "I believe state leaders have unfinished pension reform work that needs to be accomplished at the Capitol. It is beyond irresponsible to let this continue.”

Decades of state underfunding has left the five employee retirement systems $97 billion below what they need to cover future obligations.

The Illinois House and Senate both enacted their own plans toward a solution, but neither chamber would take up the other's proposal.

The General Assembly adjourned its spring session Friday without taking any action.